A link has two main parts - a destination and a label. The destination specifies where the link will take the user, such as to another page, section on the page, or a file download. The label is what the user sees, usually underlined text or an image. Links can be created to other pages using the <a> tag and href attribute pointing to the URL. Anchors can link to specific sections on the same page using the id attribute. Links can also target new windows, files, email addresses, and add keyboard shortcuts using the accesskey attribute.